Canada July Teranet house price index +0.4% vs +0.5% y/y prior

House price data from Teranet/National Bank

• Prior was +0.5%
• Prices +0.7% m/m

The numbers aren't seasonally adjusted so the May, June, July rises in this index are an illusion. If they were adjusted, prices would be show declines in those months. The headline y/y rise of 0.4% was the smallest since November 2009. The big drag is Vancouver, where prices fell 6.2% y/y with Alberta cities accounting for much of the reset. On the other side of the country, Montreal and Ottawa were the strongest markets, rising around 6% y/y.